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PPI Claim News - 3/3/2011

 
Loan refunds: Third of consumers unaware of how banks use their savings

Those attempting to get loan refunds may be interested to hear that third of Brits have no idea what banks do with their money.

Research by Triodos Bank has revealed that a further 35 per cent of consumers think their banks add occasional interest to their savings or lock the money away in a vault.

Huw Davies, head of Personal Banking at Triodos Bank, said: "Just one in three people say they are satisfied with how their bank uses their cash, while around two-thirds of the public say they would like to be with a bank which shares their values.

"If savers could see more easily where their money is being invested, we believe many more would choose to put it to better use."

Findings show that only 40 per cent of bank customers think their savings would be lent to other companies, while 45 per cent believe their money would be invested elsewhere.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800440996-ADNFCR



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